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by Bernard Dichek
BioIsrael.com



Biotech investors who only track the US and European stock exchanges may be missing out on fast-growing companies on the Tel Aviv Stock Exchange. In recent years close to 30 Israeli life science companies have started to trade on the TASE. They follow in the giant footsteps of Jerusalem's Teva Pharmaceuticals (TEVA), the largest generics company in the world which trades both on the TASE and NASDAQ. One promising new venture is Bio-Light Life Science Investments (BOLT.TA), a holding company with technologies for treating obesity, glaucoma, asthma and diagnosing cancer. All four Bio-Light companies are in or approaching clinical trials.

One portfolio company, Obecure, is developing Histalean TM, a drug for weight management that recently was tested on obese patients in a Phase II study. The U.S. study showed that the drug was more effective on women than men, with pre-menopause women (under the age of 50) showing an especially significant weight loss in comparison to the placebo group. The company plans a Phase IIB study for obese pre-menopausal women patients in early 2008.

“All the currently marketed anti-obesity drugs have serious side effects which limit their use,” says Obecure CEO Yaffa Beck, who points out that Histalean TM is based on an active ingredient that has been used extensively for another indication (vertigo) in more than 100 million people, with an excellent safety record.

In other studies Obecure is collaborating with the NIH and Eli Lilly. The study supported by Eli Lilly is a Phase II trial to see if Histalean TM can prevent the weight gain often experienced by patients taking the anti-psychotic drug Zyprexa. (The weight gain has caused Eli Lilly to pay out more than $500 million in patient lawsuits).

The market here is also enormous. About one percent of the US population is currently taking anti-psychotic medications costing about $7 billion.

IOPtima, which is developing a laser-based technology to treat glaucoma, also expects to reach major milestones in the next 12 months. The company plans in December to begin a clinical trial in Mexico, which will expand to include major opthalomology centers in the US and Europe in early 2008. IOPtima expects its therapy to become the gold standard for glaucoma, a $3 billion market that currently encompasses both medications and surgery.

“Medications are not always efficacious, and often fail due to poor patient compliance , as two or three different types of eye drops need to be taken permanently two or three times a day,” says Joshua Degani, IOPtima’s CEO, pointing out that he expects IOPtima’s non-penetrating technology to overcome the risk of infections and other complications associated with the common invasive glaucoma surgery.

Allergica, which is developing a platform technology for allergy and inflammation, has completed formulation development and is now pursuing pre-clinical toxicology evaluation, for entry into Phase I/II safety trials for asthma and a skin allergy in humans in late 2008. “Allergica's technology is a based on a novel paradigm for treating allergy and inflammation, with a wide ranging from asthma to atopic dermatitis to hayfever,” points out Ronit Gross, Bio-Light’s Director of Business Development.

Zetiq is targeting the cancer diagnostics market, with a technology that could replace currently used tests such as the Pap smear test which is used on more than 100 million women each year. Zetiq plans a pilot study for cervical cancer for early 2008 and a clinical study in Q2.

Dr. Ami Eyal, Bio-Light’s CEO points out that the strength of the Bio-Light portfolio lies both in the diversification and advanced stage of product development. “Each product is targeting a separate market with blockbuster potential,” he said.




BioIsrael is a regular contributor to BioHealth Investor
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